- (1.) LEAVE granted.
(2.) THIS Civil Appeal is filed by the Department against the judgment of the Gujarat High Court in Tax Appeal No.203 of 2006. The short question which arose for determination before the High Court was : Whether the respondent - assessee was entitled to depreciation at the rate of 40% on trailers and loaders?
(3.) BRIEFLY , the facts are as follows: The assessee is a private limited company engaged in the business of importing timber logs from abroad and selling them in India. During the previous year relevant to the Assessment Year 1998 -99, the respondent - assessee had purchased trailers and loaders and put them to use on hire.;